Keeneland Nose Dive

Not that we needed any reminding, but official word from the Keeneland November breeding stock sale confirms what insiders have been telling us. There were substantial declines in every category.

According to Bloodhorse.com, "The Lexington sales company reported that 3,019 horses were sold during the 15-day auction for a total $185,552,300, which was down 45.6% from the 2007 record gross of $340,877,200 when 3,381 horses were sold. The average fell 39% from $100,821 to $61,462, and the median price of $20,000 reflected a decline of 42.9% from the $35,000 figure last year."

None of this is surprising, of course, given the dire state of the economy at the moment. I hear that most "luxuries" are up for sale these days, including yachts, second homes and pricey autos. What this means is that, at some level, there are bargains to be had--if, of course, one wants to purchase "frivolous extras" in this climate of belt-tightening.

I think it has gotten almost vulgar to spend money on things one does not really need. Groceries, medical supplies, even pet food, seem immune (for the time being) but a third car, a second home, a racehorse? Well, those hardly seem necessary and border on indulgent and ostentatious in a time of making-do with what we have.

Part of the decline in horse sales can be attributed to the lack of purchases from the international community (it seems no one is immune....) but part may also be this climate of austerity that has taken hold at every level. The irony, of course, is that we are a society based on consumption and when we stop consuming, everybody suffers.

What a strange conundrum. I, for one, am delighted at our new found tendency to evaluate our purchases rather than just buy for the sake of buying. But when this trend leads to unemployment and the demise of big and small companies, I question who we are benefiting.

The answer, of course, is to develop a new model of consumerism based on quality rather than quantity, and that will take time that many who are teetering, do not have.

Meanwhile, if you are in the market for a horse, there are bargains to be had for sure, but just remember you have to feed and house it even if it never runs.